Despite passage of the so-called economic stimulus package, the nation’s economy keeps weakening — proof to rational people that demand-side economics is utter rubbish. But the Obamacrats can’t admit that the center piece of their economic recovery program is a flop, so they resort to statements like Biden’s last weekend.
Economist John Lott here shows that Biden was not telling the truth with regard to economic data at the time of the “stimulus” and further argues that the massive spending spree necessarily must make the county as a whole worse off.
The administration didn’t “misread the economy.” It decided upon an economic medicine that makes the illness worse. Sadly, politicians — our elected representatives — almost never admit their mistakes. Instead, they make things up to divert blame.
